Crude Oil Futures: Probable consolidation ahead

CME Group’s preliminary readings for crude oil futures markets noted traders added around 4.5K contracts to their open interest positions on Tuesday, reversing the previous daily drop. In the same line, volume resumed the uptrend and went up by nearly 255K contracts.

WTI keeps targeting $70.00

Prices of the WTI extended the leg lower amidst rising open interest and volume on Tuesday. The inconclusive price action could open the door to some consolidation in the very near term, while prices of the commodity remain capped by the key $70.00 mark per barrel for the time being.